Where are we in the Cycle?
The positive tone from the prior week was less evident as, once again, adverse global growth conditions and uncertainty about the effectiveness of policy reasserted their influence.         More...

Market Directions
Markets were generally less buoyant than a week earlier with material sector stocks among the worst performing.  There was more evidence of large cap stocks giving up the comparative return advantage they had shown, until recently, through most of the cycle.         More...

Portfolio Performance and Positioning
Earlier stage stocks continued their recent tendency to display stronger price outcomes - consistent with a cyclical transition and a consequence of their leverage to favourable operational outcomes near the bottom of the cycle. There were no recommended changes to the portfolio models.   More...

Stock Reviews and Rating Analysis 
Kidman Resources (KDR:AU) and Sumatra Copper and Gold (SUM:AU) have both produced their first gold recently. They now both run modest sized operations reflecting pressures on the industry to start small and grow from internally generated cash. Both show evidence of being able to expand their resource base to add years or annual production.  The approach reduces the prospect of a dramatic price response to the commencement of production.  On the upside, however, the starting small strategy underpins a longer term value appreciation which is often hard to find in the sector and, at the right price, can offer attractive investment returns.  PortfolioDirect rating reports on these two stocks have been published.       
 For recent company reports...